NEW: Celsius has finished paying its loan to Maker DAO and got 21,962 WBTC (≈$440M) in collateral back
https://twitter.com/Blockworks_/status/1545015522332495873In other words, Celsius will have back 22K
BTC to short them and continue its ponzi scheme. It is not so hard to guess what was going on and why the market turned out to be bearish despite all the bullish news since Nov 2021. In USA SEC is closely watching the stonk market and nobody dares to try a new ponzi. But with
BTCitcoin there was a new opportunity for 10+ companies. The first was Terra of course. They "invented" the financial perpetuum mobile of constant flow of funds usd->ust->terra->usd, which is a pure ponzi and crashed of course. Still it wasn't noticed neither by SEC nor by most of the "crypto analysts" until it exploded.
The remaining funds on the other hand invented a much more complicated inter company ponzi. The quick transfer of
BTC made this possible. So, basically, company 1 gets both fiat and
BTC with the promise of some yield. Then it gives to company 2 with the expectation of a higher yield. And so on. Since they all amassed over 100K
BTC's (roughly estimated by me), they could easlly short
BTC and give the yield in
BTC. But this works only if the inflow of fiat continues. At one point it stopped, and many retail investors cashed out on a huge loss, especially the Canadian Purpose ETF. And like the domino effect, they started looking for fiat loans to pay the debt and to resume
BTC shorting. For how long this will continue, I can't tell. May be in USA SEC will bust them and then the real bull run will start. Until some asian companies figure out the same model and bring havoc again. Hopefully by then the price would be way above 100K.
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